Florida's Proposed Property Tax Changes: What Property Owners Should Know About The 2026 Save Our Homes Proposal

Florida property owners are facing a pivotal year as a proposed constitutional amendment, known as the "Save Our Homes from Excessive Property Taxes" proposal, could dramatically alter property tax obligations. The plan, which includes a much larger homestead exemption and a lower annual assessment cap for many non-homestead properties, is set to go before voters in the November 3, 2026 general election. However, its implementation hinges on a 60% voter approval threshold.

Currently, qualifying Florida homeowners can receive a homestead exemption of up to $50,000, applied differently to school and non-school taxes. If approved, the exemption for non-school taxes would increase to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments thereafter. This means county, municipal, and other non-school portions of property tax bills could be significantly reduced, though school district taxes remain unaffected.

The proposal also targets non-homestead properties, including rentals, second homes, and commercial real estate. The annual assessment cap would drop from 10% to 5%, limiting how quickly assessed values can rise. This could stabilize tax bills for property owners, but actual savings depend on local millage rates and taxable values.

A critical aspect is the residency requirement. Those who establish permanent Florida residency by December 31, 2026, would be eligible for the expanded exemption starting in 2027. New residents after that date would initially receive only the current limited exemption, becoming eligible for the larger one in their fifth year of homestead exemption. This provision has sparked questions about whether to accelerate relocation plans.

Legal and financial experts advise against making residency decisions solely for tax benefits. Establishing Florida residency involves more than a driver's license or declaration of domicile; it requires genuine ties to the state, including where you live, work, and conduct business. For those already considering a move, the proposed tax changes add another factor to weigh in a broader financial plan.

It's important to note that CS/SB 4-F, which adjusts certain property tax administration rules, has already become law as of June 24, 2026. But the major exemption and cap changes await voter approval. Property owners should monitor the amendment's progress and consult professional advisors to understand potential impacts.

For official information, the Florida Senate materials for CS/HJR 1-F and CS/SB 4-F provide legislative details. The Florida Department of Revenue also offers property tax guidance. As the November election approaches, property owners should stay informed and consider how these potential changes might affect their holdings.